FINAL WORD
US $ 1 billion each ! However , while organizations are improving in cyberattack planning , detection and response , their ability to contain an active threat has declined by 13 %, according to IBM ’ s Cyber Resilient Organization Report .
What are the fundamentals ?
Currently , the five vectors of the banking sector – people , processes , technology , third-parties and cybersecurity products – are viewed in silos and treated as such . People , security , security tools , compliance and audits are considered fundamental to cybersecurity when they are a part of a granular picture .
Organizations are purchasing more products to generate more lists , based not on objective measurements but subjective abstractions of the CIO , security team or competitor enterprises .
On average , enterprises deploy 45 cybersecurityrelated tools . However , there is a definite lack of cohesiveness in determining what is going well and what could be better . To put it in perspective , enterprises that deploy over 50 cybersecurity tools rank themselves 8 % lower in their ability to detect threats than other companies employing fewer toolsets !
There is no industry standard determining the fundamentals enabling financial institutes ( FI ) to answer one simple question : How secure are they today ? When the CEO can be held accountable for an organization ’ s breach ( as per the GDPR ), the board gets more curious and involved in the decision-making processes of cybersecurity than ever before .
It is time they moved from reactive and defensive risk management to predictive risk management through breach likelihood .
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